Magnum-backed Aire Networks bolts on LCRCom

With this add-on, Aire plans to further consolidate its market position, expand its business and enlarge its offering.

Founded in 2002 and based in Alicante, Aire is a telecoms operator providing coverage to 90% of the Spanish territory through optical fibre, radio and its own licensed band in the 2.6 GHz spectrum. The company employs 140 staff and generates annual revenues of around €35m.

Magnum Capital acquired a majority stake in the company via its €400m fund Magnum Capital II in June 2018. The company's founders retained a minority stake in the business.

The GP is currently raising its third fund, which was launched with a €450m target in December 2019. The vehicle has enough committed to make its first investments, but forecasts fundraising to take longer than expected given that some investors are delaying their decisions, Unquote understands.

Company
Established in 1991 and headquartered in Madrid, LCRCom is a telecoms operator offering fixed-line, mobile and cloud services to SMEs across Spain.

The company employs 70 staff, has a network of more than 400 distributors and serves 17,000 small and medium-sized companies. It generated revenues of around €24m in 2019.

People
Magnum Capital – João Talone (partner).
Aire Networks – Según Raúl Aledo (CEO).

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